First City Monument Bank (FCMB) has successfully blocked an attempt by suspected cyber criminals to steal N2.4 billion, after discovering the fraudulent activity in December 2025.
The bank was targeted in a large-scale cyber fraud operation that initially aimed to steal more than N3 billion.
Despite the preventive measures, N677 million was reportedly transferred to the fraudsters before the bank’s systems detected and blocked further access.
Recovery efforts are currently underway to retrieve the remaining funds.
What they are saying
According to findings presented in a legal proceeding before the Lagos State Special Offences Court, the fraud was carried out through unauthorized transactions linked to a digital product offered by FCMB.
- Multiple suspects and beneficiaries have been arrested, with the Economic and Financial Crimes Commission (EFCC) leading the efforts in recovery and prosecution.
- Several legal cases are currently ongoing, including in the Federal High Court in Lagos, where additional suspects are being tried.
- The prosecution, which includes the conviction of repeat offenders, is aimed at ensuring that these individuals are permanently blacklisted from engaging in the financial sector.
Authorities remain focused on tracing and recovering additional funds related to the fraudulent activity.
Get up to speed
Reports from the investigation initially indicated that over N3 billion had been targeted in the fraud, with one of the suspects, Andrew Odekina, allegedly a key member of the fraud syndicate.
Odekina was arrested and remanded by Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja.
The court heard that Odekina, along with other accomplices, participated in the cyber-enabled fraud operation.
Odekina is facing charges for receiving and retaining N9.87 million, believed to be proceeds from the fraudulent transactions.
He has pleaded not guilty to the charges, and the case has been adjourned to May 11 for trial.
More insights
Subsequent clarifications revealed that while N3 billion was initially targeted, N2.4 billion was blocked and recovered, and N677 million had already been transferred to the fraudsters before the scheme was halted.
- This outcome underscores the bank’s strong cybersecurity measures and proactive monitoring systems, which helped mitigate a larger loss.
- It also highlights the growing collaboration between financial institutions, regulators, and law enforcement to combat digital financial crimes.
- Customers of FCMB have not reported any losses related to their deposits, reflecting the effectiveness of the bank’s security infrastructure in protecting consumer funds.
The incident marks a turning point in the approach to digital banking security, with industry experts pointing to the shift from mere prevention to a stronger focus on rapid response and recovery. This evolving strategy aims to minimize risks and ensure faster intervention in case of cyber fraud attempts.
The successful thwarting of the N2.4 billion fraud and the ongoing recovery of N677 million demonstrate FCMB’s resilience and ongoing commitment to strengthening its digital security systems in an increasingly complex banking environment.
